Paxos Digital Singapore Pte. LTD. received approval from the Central Bank of Singapore to offer digital payment token services. This approval allows Paxos to issue stablecoins that comply with Singapore regulatory standards.
The Monetary Authority of Singapore (MAS) has granted Paxos the Major Payment Institution status, a testament to the company’s credibility and commitment to regulatory standards. With this approval, Paxos becomes a member of a group of 19 organizations authorized under Singapore’s stringent financial regulations.
The move will expand the availability of US dollars by distributing stablecoins to a wider audience. Paxos’ approval to issue stablecoins in Singapore reflects the growing trend of cryptocurrency adoption and the growth of the company itself, which has already been authorized to issue stablecoins in the US and UAE.
It also became known that Singapore’s DBS Bank has already entered into a partnership with Paxos to expand the range of its services in the cryptocurrency sector. Since launching fiat-to-cryptocurrency exchange in 2020, DBS has been at the forefront of integrating digital currencies into traditional banking systems.
